After 60% crash, can Vine Coin rebound 40%, rally to $0.10?
The post After 60% crash, can Vine Coin rebound 40%, rally to $0.10? appeared on BitcoinEthereumNews.com. Key Takeaways Vine Coin has consolidated losses above $0.05 for the past few days. Is it the springboard for a recovery? Vine Coin [VINE] has stabilized above $0.05 after heavy profit-taking in August that erased the entire +300% upswing in July. In the past few days, the altcoin has consolidated between $0.5 and $0.10, forming a base that could front a recovery in case of a positive market sentiment. Is a rebound on the cards? Source: VINE/USDT, TradingView On the price charts, the price bounced off the trendline support after the 60% dump in August, marking the level as a key demand zone. This was above $0.05 price level and could support the recovery thesis if the trendline is defended. However, bulls had to clear the $0.08 to advance to the next crucial target at the 50% Fib level at $0.01. A potential 40% gain could be possible if bulls could manage to clear the overhead hurdle at $0.08 and march to $0.01. The above move could be confirmed if trading volume cracks the resistance (white trendline) on the OBV. Otherwise, the VINE could continue to consolidate losses above $0.05. A break below $0.05 and the trendline support would invalidate the bullish thesis. That being said, the liquidation heatmap also marked out $0.08 as a key level that could set the pace for recovery. The zone (marked yellow) had significant short liquidations that could attract price action. A short-squeeze at the level could push VINE higher under positive market conditions. Source: CoinGlass Overall, after a 300% explosive upswing in late July, VINE erased nearly all its gains in August. But there appeared to be seller exhaustion, and the altcoin was consolidating losses above $0.05. This could set up the stage for a strong VINE rebound towards $0.1, especially if buyers…
The post After 60% crash, can Vine Coin rebound 40%, rally to $0.10? appeared on BitcoinEthereumNews.com.
Key Takeaways Vine Coin has consolidated losses above $0.05 for the past few days. Is it the springboard for a recovery? Vine Coin [VINE] has stabilized above $0.05 after heavy profit-taking in August that erased the entire +300% upswing in July. In the past few days, the altcoin has consolidated between $0.5 and $0.10, forming a base that could front a recovery in case of a positive market sentiment. Is a rebound on the cards? Source: VINE/USDT, TradingView On the price charts, the price bounced off the trendline support after the 60% dump in August, marking the level as a key demand zone. This was above $0.05 price level and could support the recovery thesis if the trendline is defended. However, bulls had to clear the $0.08 to advance to the next crucial target at the 50% Fib level at $0.01. A potential 40% gain could be possible if bulls could manage to clear the overhead hurdle at $0.08 and march to $0.01. The above move could be confirmed if trading volume cracks the resistance (white trendline) on the OBV. Otherwise, the VINE could continue to consolidate losses above $0.05. A break below $0.05 and the trendline support would invalidate the bullish thesis. That being said, the liquidation heatmap also marked out $0.08 as a key level that could set the pace for recovery. The zone (marked yellow) had significant short liquidations that could attract price action. A short-squeeze at the level could push VINE higher under positive market conditions. Source: CoinGlass Overall, after a 300% explosive upswing in late July, VINE erased nearly all its gains in August. But there appeared to be seller exhaustion, and the altcoin was consolidating losses above $0.05. This could set up the stage for a strong VINE rebound towards $0.1, especially if buyers…
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